Business Podcasting – Part 1: The Benefits of Starting a Podcast
Table of contents
- 7 Benefits of Starting a Podcast for Your Small Business
- 1) Podcasts Are Easy & Inexpensive to Create
- 2) They Help You Tap into a New Market
- 3) Podcasts Can Increase Your Traffic
- 4) They Build Relationships & Improve Conversions
- 5) They Build Credibility & Brand Awareness
- 6) Podcasts Can Provide an Additional Income Stream
- 7) They Can Help You Build Connections in Your Industry
- Is a Podcast Right for Your Business?
- Final Thoughts
There was a time when running and marketing a business was a straightforward endeavor. However, today’s technologies and the perpetually changing marketing landscape demand more adaptability. The benefits of starting a podcast are one such example.
Businesses that want to stand out and succeed shouldn’t be content with conventional promotion methods. Take blogs, for example. They were once considered an avenue for expression and creativity. But they are now part of almost every small business marketing strategy.
And podcasts are heading in the same direction.
If you’re intimidated by the idea of starting your own podcast, you’re not alone. The good news is it’s probably easier than you think.
Let’s start by looking at the most important benefits that make it worth the effort.
7 Benefits of Starting a Podcast for Your Small Business
In 2006, when podcasting was still in its infancy, only 22% of adults in the U.S. were aware that podcasting existed (based on statistics from Statista). Fast forward to 2022, and that percentage has grown to 78%.
Today, approximately 120 million people in the U.S. alone listen to podcasts regularly. That’s a staggering number that business owners shouldn’t ignore. If your goal is to expand your reach, this platform is one you might want to exploit.
When you do it right, here are some of the benefits of starting a podcast that you’ll get to enjoy…
1) Podcasts Are Easy & Inexpensive to Create
The requirement for starting a podcast is easy and simple. Basically, anyone can create a podcast if they have a computer, microphone, recording software, and an internet connection.
Of course, as you grow your podcast, you’ll want to invest in more advanced equipment, but that isn’t necessary when you’re just starting.
There are a variety of free and inexpensive podcast apps available for recording your shows. Once you choose one, all you need to do is hit record and talk.
2) They Help You Tap into a New Market
Video marketing reigns supreme as the best method to market your business. However, not everyone likes to watch videos or read blog posts, especially those constantly pressed for time.
When people listen to your podcasts, they enjoy an alternative way to consume your content. The beauty with podcasts is that your audience can listen to them on the go, whereas blogs and videos require them to stop and use their whole focus.
By expanding into audio-only podcasts, you can tap into a new market. One of the clear benefits of starting a podcast is giving your audience more options. And if you are consistent in producing quality content, they might even recommend it to their friends to enjoy.
3) Podcasts Can Increase Your Traffic
A significant benefit of tapping into a new audience through podcasts is the ability to boost traffic to your website. Podcasts can be embedded into various platforms such as your blog, website, and emails. You can also reuse your podcasts in different formats by turning them into blogs or videos.
As a result, you can get more reach and boost your traffic without spending more time creating content.
4) They Build Relationships & Improve Conversions
Experts at Insider Intelligence estimate that the podcasting industry will be worth $94.88 billion by 2028. Moreover, the number of podcast listeners is expected to grow to 424 million, or equivalent to 20.3% of web users by then.
One of the reasons podcasting has become such a huge hit is its potential to connect with your audience and build relationships.
To maximize the benefits of starting a podcast, you need to research your audience to really get to know them and what they want to hear. This will increase podcast engagement and help build stronger audience relationships.
Because listeners trust you, you can leverage podcasts to increase conversions on your website. And don’t forget the power of inviting guests and other podcasters over to your show to discuss topics relevant to your listeners. Your audience will love you for it.
5) They Build Credibility & Brand Awareness
When you want to build your brand and increase awareness about your company, podcasts can help. The benefits of starting a podcast in terms of brand awareness are comparable to that of blogging.
Focus on providing content that is relevant to your niche. The goal is to educate your audience and showcase your expertise on a particular subject. When done right, this positions you as an expert in your industry.
If you consistently deliver useful information, people will turn to you with questions within your area of expertise. They will associate your brand as a credible source of information. Therefore, as with anything, consistent quality is key to succeeding with podcasting.
6) Podcasts Can Provide an Additional Income Stream
The benefits of starting a podcast are most evident for building brand awareness and promoting your products or services. But podcasting is also a lucrative platform that can generate an additional stream for you.
As mentioned earlier, experts predict it will be a billion-dollar industry in less than a decade. Many podcasters have used this platform as a major source of income through ads, sponsorships, paid interviews, affiliate sales, and listeners subscribing to your podcasts.
As a business, your main goal will be to maximize your podcast’s reach to generate more leads and sales. But if some extra money comes along, all the better, right?
7) They Can Help You Build Connections in Your Industry
The most successful podcasters have maximized their reach by bringing expert guests on to their show. Think of it as social media influencer marketing for podcasting.
When you interview guests on your podcast, they are likely to share that interview with their audience, and you’ll be able to gain more listeners. At the same time, you’ll be creating strong connections with thought leaders in your industry. Plus, who knows where those relationships can lead you. After all, in life, it’s all about the people we know.
This is one of the lesser-known benefits of starting a podcast—the opportunity to enjoy a mutually beneficial partnership with other industry experts and professionals. Not to mention helping each other get more reach.
Is a Podcast Right for Your Business?
According to data obtained from the Edison Research Infinite Dial 2020, more than 48 million podcast episodes are available online. And over a third of the U.S. audience aged 12 and above are regular podcast listeners.
These numbers are attractive for anyone looking to capitalize on the benefits of starting a podcast. But just like with social media, should you jump on every promising platform you stumble upon?
Just to be clear, podcasting isn’t for everyone.
You’ll need to understand your target audience and whether they are currently listening to podcasts. In some cases, other platforms offer a better way for brands to connect with their audience than podcasts can.
It is also important to understand that podcasting is something you must be consistent with. You’ll need to put out a podcast every week at the bare minimum. If you’re not ready for that kind of commitment, it’s probably something you’ll want to table for now.
But if the benefits of podcasting presented here intrigue you, this could be a profitable and exciting new adventure for you and your business.
Podcasts have come a long way since they first arrived on the scene. It’s much more than just a buzzword, and the benefits of starting a podcast are well-established.
If the idea of making your own podcast is too appealing to resist, start by checking if your audience listens to podcasts. Also, be sure this strategy aligns with your marketing and sales goals.
Even though this is considered a low-budget marketing platform, you need to have some resources to get started. And of course, you need to develop a podcast formula that will capture your audience’s interest.
To help you decide if podcasting is a good fit for your marketing strategy, take advantage of our Free Marketing Audit. It will help you know how effective your current marketing strategy is, along with more ways to achieve your goals.